Meikles ventures into mining

The group’s chairman Mr John Moxon said the company would be known as Meikles Resources. Before its foray into resource exploitation, the group was into retail, agriculture, and hospitality sectors.

“This indigenous company, which is presently wholly owned by Meikles Limited, has an objective to focus on the development of mining and resource opportunities in Zimbabwe. Meikles Resources will seek to combine local and international skills and financial resources within the framework of its indigenous status,” he said in a statement accompanying the group’s unaudited financial results for the six months ending 30 September 2012.

He said Meikles Resources would comply with accepted international mining standards and ethics.

The new entity, he said would capitalise on the long standing reputation and history of the group in Zimbabwe and will apply the group’s customary high standards to the implementation and operation of the division for the benefit of all stakeholders.

“Meikles Resources has commenced exploratory mining operations on one opportunity and will start full mining operations soon as the full extent of the resource has been established,” said Mr Moxon, adding that shareholders would be provided with details as the operations progress.

He said discussions would take place on further resource opportunities.

He said profits from Meikles Resources were expected to exceed those anticipated for the entire group as presently constituted over the coming years.

He however did not say which sector of the mining industry the company would exploit.
During the period under review, the group posted $1,02 million profit before tax.

“This profit compares with a loss for the first six months in the previous period of $7,04 million, an improvement of $8,06 million,” he said.

Profit after taxation from continuing operations was $767 000, which compares to a loss of $5,58 million in the first six months of the previous year.

Mr Moxon said the momentum of improvement in the present financial year was expected to accelerate into the second half adding that previous months had already demonstrated a positive trend.